The major Asian markets closed higher on Friday, with the exception of the Indonesian Jakarta Composite Index. India’s Sensex advanced the most in the region, rising close to 3%.
Japan’s Nikkei 225 average opened higher on the positive U.S. lead, but it came under pressure after a report showed that consumer price inflation in Japan declined sharply in May. However, a commodity rally helped the index recover immediately thereafter and the index advanced solidly to close up 81.31 points or 0.83% at 9,877.
Tire makers led the gains after Bridgestone stated that it expects to report a narrower loss for the first half of the year. The stock gained 8.5%. Yokohoma Rubber advanced 7.57% and Sumitomo Rubber Industries gained 8%.
Nippon Electric, the third largest producer of glass for flat panel televisions, gained more than 6% after doubling its operating profit forecast for the latest quarter, on increasing demand for its products. Among others in the sector, Asahi Glass advanced 2.6%.
Hong Kong’s Hang Seng Index opened higher and moved sideways before legging up further in the afternoon. The index ended up 325.23 points or 1.78% at 18,600. Thirty-eight of the forty-two index components ended higher, with property stocks once again leading the advance. China Mercantile Holding, China Unicom, China Shenhua and Cosco Pacific were among the other notable gainers.
Rising global markets, budget expectations and hopes of improvement in monsoon rains by the first or second week of July helped the Indian market bounce-back sharply on Friday after a considerable amount of profit taking in 8 of the 11 previous trading sessions. Sharp gains in market heavyweights Reliance Industries, Larsen & Toubro and ICICI Bank helped the market end near the day's high. The BSE Sensex opened higher at 14,374 and saw some sideways movement before rising sharply to finish at 14,765, up 419 points or 2.92% from the previous close.
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